As a knowledge-for-profit professional you probably have an internal desire to be the premier provider for your clients. You may want to be the steward of 100% of their investable assets, or be their go-to counsel for all legal affairs, or be the guardian of their financial operations. You prefer your clients to utilize all of your services and not just a few. But for some elusive reason, they don’t. Why? And how can you change that?
Two factors are at play, both of which you can either fix or alleviate.
The past few years have taught the affluent to compartmentalize and not grant any single entity or individual full access to their assets, thanks Bernie and Lehman! It’s ultimately an issue of trust.
How trustworthy are you in the minds of your clients? Realize that everything you do either builds or destroys trust.
Alleviating this genuine fear takes time. If you’re looking for instant results, please question your motives. Are your clients cash cows you intend on milking for every dime they have? Or are they unique individuals whom you enjoy building a mutually beneficial relationship with for years to come?
While this fear may never dissipate completely, with a methodical process, you can mitigate a majority of your client’s anxieties.
Well, the full process is something we’ve developed by researching and adapting the best strategies for professionals whose practice is relationship-driven. Without going into the minutia here’s three pivotal ways top professionals resolve the issue of fear:
Think of your brand as how the world perceives you and what they say about you. Your personality and character reflect your brand. The ambiance in your office, the professionalism of your attire, the design and content of your website, the quality of your stationery, and how top clients are rewarded for using your services all reflect your brand. The higher the quality, the more trust is perceived, and fear is alleviated.
This is about high visibility. Being strategically visible in the online and offline places where your prospects and clients live, work and play is vital to your trust-factor. If they can’t see or find you, your authenticity is questionable. More importantly, your competitors who are visible will start chipping away at your market share.
As you already know marketing to affluent clients requires a different strategy than generic-digital only-social media -flashy ads-pop-up newsletter tactics that everyone uses everywhere. Develop a marketing strategy that positions you visibly in the lives of your clients and prospects.
When we look at why a firm is dealing with high attrition, constant client churn, and prospect conversion issues, it’s usually linked to their operational and service process (or lack therefore). They have no client journey mapped out, nothing tangible to deepen the client bond, and tend to service clients in a bland-generic way.
If your focus is just delivering core services in the upcoming years, you’ll find yourself commoditized by software and outsourced labor who can do what you do for pennies. Differentiate from the herd of sameness by crafting and executing a process to guide a prospect towards becoming a client who will ultimately become an active referral partner.
The second reason why clients don’t use all of your services is partly your fault. Learn why – Why don’t client use 100% of my services? Part 2
Why Don’t Clients Use 100% of My Services? Part 2